Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2026

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Schedule of Assets and Liabilities Included in Condensed Consolidated Balance Sheets


(in thousands)	September 30, 2026		December 31, 2025
VIE ASSETS
Operating real estate, net	$	1,013,269	$	1,768,555
Investments in and advances to unconsolidated affiliates		35,626		53,255
Other assets, net		40,525		78,266
Right-of-use assets - operating leases, net		1,179		1,539
Cash and cash equivalents		26,681		30,429
Restricted cash		6,021		6,517
Rents receivable, net		14,079		29,324
Total VIE assets (a)	$	1,137,380	$	1,967,885

VIE LIABILITIES
Mortgage and other notes payable, net	$	380,634	$	793,840
Unsecured notes payable, net		45,250		61,250
Accounts payable and other liabilities		81,201		125,586
Lease liabilities - operating leases, net		1,230		1,604
Total VIE liabilities (a)	$	508,315	$	982,280

(a)

The Operating Partnership is joint and severally liable for the outstanding balance of the Fund IV Term Loan, which had a balance of $45.3 million as of September 30, 2026 (Note 7, Note 9). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and serve as collateral under the respective property mortgage loans. These assets are restricted and may only be used to settle the corresponding obligations of the VIEs. Similarly, the remaining VIE liabilities are obligations of these consolidated VIEs and do not have recourse to the Operating Partnership or the Company.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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